Categories: Banking

RBI to Set up Committee on Urban Co-op banks

The Reserve Bank of India (RBI) will set up an expert committee on Urban Co-operative Banks (UCBs). The committee, involving all stakeholders, will provide a medium-term road map for strengthening the sector, enable faster resolution/rehabilitation of UCBs.

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About the committee:

Along with enabling faster resolution of UCBs, the committee will also examine critical aspects related to the urban co-op banks.
The provisions of the Banking Regulation (Amendment) Act, 2020 have become applicable to Primary (Urban) Co-operative Banks (UCBs) from June 26, 2020.
The amendments have brought near parity in supervisory and regulatory powers between UCBs and commercial banks in respect of regulatory powers, including those related to governance, audit, and resolution.
The members of the committee and its terms of reference have not been notified yet. It will be informed separately by the RBI.

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Sumit Arora